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Canopy reports CA$128 million loss as recreational cannabis revenue falls

Canadian cannabis producer Canopy Growth Corp. reported a net loss of more than 128 million Canadian dollars ($95.7 million) in the first quarter of its fiscal year, with total revenue improving slightly on a quarterly basis as the company continues its corporate transformation plan. Net revenue for the quarter ended June 30 was CA$110.4 million, […]

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Cannabis firm Canopy Growth reshapes strategy after reporting CA$1.3 billion loss

International cannabis giant Canopy Growth Corp. lost ground in Canada’s growing recreational marijuana market in its fourth quarter, with net revenue dropping 13% compared to the previous quarter. Canopy posted a fourth-quarter net loss of 1.3 billion Canadian dollars ($944 million) and an adjusted EBITDA loss of CA$102 million. Recreational marijuana revenue tumbled 28% from […]

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Constellation ups stake in marijuana producer Canopy Growth to 38%

New York-based alcohol titan Constellation Brands has exercised warrants to purchase additional shares of Canopy Growth, increasing its stake in the Ontario cannabis producer. Upon issuance, the common shares represented approximately 5% of Canopy’s issued and outstanding common shares, the companies said in a news release. The transaction brings Constellation’s ownership in the Canadian firm […]

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Top 10 global cannabis stories of 2019: WHO backs rescheduling, Linton out at Canopy, Canadian firms eye US & more

Cannabis markets in Canada and elsewhere in the world went on a roller-coaster ride in 2019, as irrational expectations gave way to more realistic market assessments. Global medical marijuana markets, corporations and top executives experienced breakthroughs and setbacks this past year. That’s the gist of the 10 most widely read business stories carried by Marijuana Business Daily […]

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Canopy Growth hires ex-Constellation exec David Klein as CEO

Canada’s largest cannabis company by revenue has appointed David Klein as its new CEO, effective Jan. 15, 2020. Klein will be based out of Canopy’s headquarters in Smiths Falls, Ontario. Klein currently serves as Canopy Growth’s board chair and chief financial officer (CFO) at Constellation Brands, which became the company’s largest shareholder earlier this year. […]

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Canopy cannabis woes drives huge loss at alcohol giant Constellation

Constellation Brands, a New York-state based alcohol giant, on Thursday reported a net loss of $525.2 million in its most recent quarter, with most of the loss coming from its 38% stake in cannabis company, Canopy Growth. The red ink underscores the uncertainties mainstream companies face when partnering with a business involved in the emerging […]

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Constellation expects $54 million loss from marijuana giant Canopy Growth

Alcohol giant Constellation Brands said it expects to report a $54.3 million loss in its quarter ending Saturday related to its stake in Canadian cannabis producer Canopy Growth. The six-month loss ending Saturday attributed to the investment in Smiths Falls, Ontario-based Canopy is expected to be $132.5 million, according to an 8-K filing with the […]

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Marijuana giant Canopy’s revenues soar, but losses widen

The world’s largest marijuana company, Canopy Growth, on Wednesday reported improved revenue in its latest quarter, but its losses widened substantially from the same period a year ago. Smiths Falls, Ontario-based Canopy saw revenue rise 250% in the first fiscal quarter of 2020 to 90.5 million Canadian dollars ($67 million) compared with the same period […]

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Week in Review: Canopy’s Linton out, NJ ups medical cannabis licenses, 280E MJ tax case a no-go with Supreme Court & more

Canopy Growth’s board sacks CEO Bruce Linton, New Jersey boosts number of medical marijuana business licenses, the U.S. Supreme Court declines to hear a 280E marijuana tax case – plus other important news from around the industry. Linton out as Canopy faces pressure from Constellation Bruce Linton, CEO and chairman of Canada’s Canopy Growth, the […]

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